Interim report Q1 2017/18

(the period 01.10.2017 - 31.12.2017)

THE EXPECTATIONS FOR THE YEAR ARE MAINTAINED

The Board of Directors of RTX A/S has today considered and adopted the Group’s interim report for the first quarter of 2017/18 (covering the period 01.10.2017 – 31.12.2017)

SUMMARY FOR THE FIRST QUARTER OF 2017/18 FOR THE RTX GROUP

Net revenue decreased in Q1 by 9.3% to DKK 100.9 million corresponding to a decline in revenue of DKK 10.4 million compared to Q1 of 2016/17. The decline in revenue in Q1 of 2017/18 is primarily due to the development in the US dollar exchange rate, and corrected for this effect the decline was 2.3%.
Revenue apportioned across RTX’s business units as follows:
- Business Communications saw a decrease in revenue of DKK 11.0 million to DKK 65.8 million corresponding to a decline of 14.3% compared to Q1 of 2016/17 (corrected for exchange rate effect the decline was 6.6%).
- Design Services increased revenue by DKK 0.7 million to DKK 35.1 million corresponding to a revenue growth of 1.9% compared to Q1 of 2016/17 (corrected for exchange rate effect the increase was 7.0%).
Gross profit decreased by 5.2% to DKK 57.0 million in Q1 of 2017/18 compared to the same period last year. Due to the revenue mix the gross margin increased by 2.5% points to 56.5% from 54.0% in Q1 of 2016/17.
In Q1 of 2017/18, capacity costs increased by 2.6% due to more investments in own financed development projects and increased staff to meet the higher level of activity in both business units. The increased number of own financed development projects has resulted in capitalization of DKK 3.4 million in Q1 of 2017/18 compared to DKK 1.7 million in the same period last year.
Operating profit (EBIT) decreased to DKK 12.1 million compared to DKK 15.1 million in the same period last year. The decline in operating profit (EBIT) is primarily a result of the decreased revenue compared to the same period last year.
Cash flows from operating activities amounted to DKK 20.2 million in Q1 of 2017/18 compared to DKK -12.8 million in Q1 of 2016/17.

OUTLOOK FOR 2017/18

Combined with the continued investment in a broader product portfolio and technology platform, Management maintains the expectations for revenue between DKK 460-490 million, EBITDA between DKK 72-87 million and Operating Profit (EBIT) between DKK 58-73 million, where especially EBIT should be seen in the light of an increased investment level supporting the newly defined strategic directions of RTX.

RTX A/S

PETER THOSTRUP Chairman

PETER RØPKEPresident & CEO

Interim report Q1 2017-18

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